market WRAP-UP
The week's negative trend continued on Wednesday as the trading session started in total panic as predominantly local retail investors were selling pushing the prices heavily down. The top loser, SOFIX, closed at 839.35 bps (-5.38%), BG40 lost 2.35% to 202.46 bps. BGTR30 also closed with a loss at 560.15 bps. (-3.49%), BG REIT fixed at 80.94 bps.(-2.54%). Among the top losers of the session were Euroins Insurance (5IC, BGN 13.19, -13.19 %), Lead and Zink Complex (OTZK, BGN 20.15, -10.38%), Bulgarian River Shipping Corporation (5BR, BGN 3.012, -17.93%)%). On REITs that puledl down the index were Aktiv Properties REIT (5AX, BGN 1.17, -11.36%), Elana Agricultural Land Opportunity Fund (4EC, BGN 1.601, -5.82%) and BenchMark Fund Estates REIT (6BMA, BNG 1.5, -3.23%).
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 839.35 | 202.46 | 80.94 | 560.15 |
| 1-day change (%) | -5.83 | -2.35 | -2.54 | -3.49 |
| 7-day change (%) | -13.11 | -14.22 | -4.16 | -12.02 |
| 90-day change (%) | -29.73 | -36.86 | -15.27 | -29.99 |
| 365-day change (%) | -51.36 | -58.41 | -19.06 | -43.98 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 1 690 239 |
| BSE Daily Volume (BGN) | 5 000 955 |
| Avg Daily Turnover YTD (BGN) | 11 441 329 |
| Avg Daily Turnover 12 mo. (BGN) | 19 332 540 |
Most recent macro data
| Inflation (HICP, M/M August) | -0.1% |
| Inflation (HICP, cum. 2008) | 7.1% |
| LEONIA Reference Rate | 5.47% |
| SOFIBOR /3 months/ | 7.306 |
| GDP Growth (Y/Y Q2 2008 preliminary) | 7.1% |
| Unemployment (July 2008) | 5.96% |
exchange rates
| Current | Change | |
| BGN/USD | 1.34866 | -0.02636 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4502 | 0.0278 |
DAILY TRADING (selected stocks)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Financial sector
Central bank governor: Bulgarian banks have no risk exposures to subprime MBS
Bulgarian banks have no direct exposure to subprime mortgage-backed securities, Bulgarian National Bank (BNB) governor Ivan Iskrov told a forum of Hungarian OTP Bank held in Sofia. Bulgarian lenders apply totally different practices than their US peers maintaining to the classical model of banking. The major effect of the global market downturn is the higher risk premiums and the larger cost of funding caused by the more risk-averse, according to the central bank governor. Large European banks, which hold 81% of the assets of the Bulgarian banking sector, continue to inject liquidity into their Bulgarian divisions according to Iskrov. He also added that despite the fierce competition in the sector, local lenders maintain high lending standards. The share of standard exposures kept up last year’s level of 95.5%.
Source: Dnevnik
CORPORATE news
Cigarette Factory Plovdiv AD [4CV]
Cigarette Factory Plovdiv BT tender offer at BGN 36.60
Sigma Consulting Ltd, owner of 843.7k shares or 78% of the capital of Cigarette Factory Plovdiv BT, made a tender offer of BGN 36.60 per share to the minority shareholders of the company. The total sum amounts to BGN 8.6m. Sigma Consulting plans to restore the manufacturing of tobacco products by including new brands of cigarettes. The profit will be reinvested without distribution of dividends.
Source: Pari
Evrohold Bulgaria AD [4EH]
Eurohold Bulgaria appoints extraordinary GSM
The management Board of Eurohold Bulgaria convened an extraordinary GSM on 27 October, 2008. The main point in the Shareholders’ General Meeting agenda is the empowering of the management Board to execute a guarantee contract according to which Eurohold Bulgaria becomes a guarantor to its subsidiary EuroLease Auto with reference to its contractual obligations connected to the arranged financing of the leasing company from Deutsche Bank AG.
In the beginning of September EuroLease announced that it has arranged securitization of its leasing receivables to Deautsche Bank for up to EUR 200m which should be utilized within 24 months.
Source: Eurohold, FFBH
*****
To view the original document, please click on the link below:
http://reports.aiidatapro.com/BBB/FFBH/BMU19-09-08.pdf
*****
Copyright: 2006 First Financial Brokerage House. All rights reserved.For further Information please contact
FFBH, 2 Enos Str., 1408 Sofia, Bulgaria, Phone: +359 2 810 64 21, fax: +359 2 810 64 01, e-mail: ffbh@ffbh.bg, web site: http://www.ffbh.bg
*****
AII Data Processing does not endorse in any way, the views, opinions or recommendations expressed above. The use of the Information is subject to the terms and conditions as published by the original source, which you have to read and accept in full prior to the execution of any actions taken in reliance on Information contained herein.
 | SeeNews SeeNews is a business and financial news and information provider which brings its visitors and customers access to detailed coverage on the fast-growing companies, economies and markets of ten Southeast European nations. |
Search for: news |
Search for: tender |
Search for: market |
Search for: assets |
Search for: management |
Search for: share |
Search for: company |
Search for: index |
Search for: exchange |
Search for: Bulgaria |
BMU19-09-08.pdf, 73 Kb
